Market Drama

Featuring Zoe CEO & Founder, Andres Garcia-Amaya, CFA

June 03, 2024 

Watch Time: 2.5 minutes

    • Welcome to this week’s Market Drama!

Stock Market Updates:

  • End of a five-week winning streak due to Salesforce’s earnings report and disappointing future earnings guidance, affecting tech stocks broadly.
    • S&P 500 was down 0.5%
    • Nasdaq, being tech-heavy, was even more affected: it fell 1.1%
  • The market rally has broadened out: utility stocks were up 16% versus tech stocks were up 6.2%.

Economic Data Highlights:

  • PCE numbers data came out and met expectations, both in core and headline numbers. This suggests a deceleration in inflation, but not enough to change the Federal Reserve’s stance on interest rates yet.
  • The market now anticipates the next interest rate cut to be in September, instead of during the summer (as expected initially). 

Coming Up Next Week:

  • Nonfarm Payrolls: The consensus estimate for May is 185,000.
  • Manufacturing PMI

Stay tuned for next week.

– Andres

Disclosure: This material provided by Zoe Financial is for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Nothing in these materials is intended to serve as personalized tax and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Zoe Financial is not an accounting firm- clients and prospective clients should consult with their tax professional regarding their specific tax situation. Opinions expressed by Zoe Financial are based on economic or market conditions at the time this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated. Facts presented have been obtained from sources believed to be reliable. Zoe Financial, however, cannot guarantee the accuracy or completeness of such information, and certain information presented here may have been condensed or summarized from its original source. 

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